Hospitals - Armenia

Armenia

Armenia's Hospitals market is projected to reach a revenue of US$746.80m in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 7.17%, resulting in a market volume of US$1,056.00m by 2029.
In global comparison, United States generates the highest revenue with US$1,501.00bn in 2024.
When considering the total population figures, per person revenues of US$268.80 are generated in Armenia in 2024.
The hospital market in Armenia is currently experiencing a surge in investments and advancements in medical technology.

Key regions: United States, China, Germany, Japan, Europe

Market

Region

Region comparison

Currency

Analyst Opinion

Armenia, a landlocked country in the South Caucasus region of Eurasia, has a developing healthcare system. The Hospitals market in Armenia has been witnessing a steady growth in recent years due to several factors.

Customer preferences: Armenians prefer to receive medical care in hospitals rather than clinics or private practices. This preference for hospitals is due to the belief that hospitals are better equipped to handle emergencies and serious medical conditions. Additionally, patients in Armenia prefer to receive treatment from experienced doctors and specialists who are available in hospitals.

Trends in the market: The Hospitals market in Armenia has been growing steadily due to the increasing demand for healthcare services. The government has been investing in the healthcare system, which has resulted in the construction of new hospitals, the introduction of new medical technologies, and the training of medical professionals. The rise of medical tourism in Armenia has also contributed to the growth of the Hospitals market.

Local special circumstances: Armenia has a high prevalence of non-communicable diseases such as cardiovascular diseases, cancer, and diabetes. This has resulted in a higher demand for hospital services. Additionally, the country has a large population of elderly citizens who require specialized medical care.

Underlying macroeconomic factors: Armenia has been experiencing economic growth in recent years, which has resulted in an increase in disposable income and an improvement in the standard of living. This has led to a higher demand for better healthcare services, including hospital services. The government has also been investing in the healthcare sector, which has resulted in the development of new hospitals and the introduction of new medical technologies. Furthermore, the country's strategic location between Europe and Asia has made it an attractive destination for medical tourism, which has contributed to the growth of the Hospitals market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.